HSBC is throwing its hat into a crowded ring of business banking apps from FinTech firms such as Monzo, Starling and Tandem and incumbent banks alike with new business banking app Kinetic.
Set to launch early next year, the bank is now inviting SMEs to test the beta version.
The bank said it has worked with 2,400 UK businesses during development of its first build before opening up the app to businesses to help develop, test and improve its service.
Currently limited to iOS devices, the beta will only be offered to UK limited companies with a turnover of up to £2m, a single director and shareholder, and a new customer to HSBC.
Businesses accepted onto the Beta will be able to use the app without monthly charges, though this could change after its public release.
The bank has said that the app should not be used as the primary business account during the testing period.
It hopes to entice new users with a £100 Amazon eGift Card for those that qualify and set up an account.
The app offers features which quickly have become standard in the app-only banking space, including the ability to manage payments, freeze and unfreeze accounts, analyse spending, manage budgets and receive financial insights.
The app will launch with integrated offers from partners including Aviva, Wework, and Google’s cloud software package GSuite.
Mac S Mahalingam, chief architect at HSBC Commercial Banking wrote on Twitter: “At last the cat is out of the bag….A Digital Anthropological initiative from HSBC.”
RBS is expected to launch its own digital bank Bo later this month, a consumer app which is also in testing, and has been designed to help people budget.